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Tuesday, 19 March 2019

Cleopatra completes acquisition of El Katib, moves ahead with Queens

M&A WATCH- Cleopatra completes acquisition of El Katib, adds 100 beds: Cleopatra Hospitals Group (CHG) has completed its acquisition of the assets of El Katib Hospital in Dokki, adding 100 beds to its inpatient capacity, according to the group’s annual report (pdf). Alongside the added capacity, the move will see Cleopatra inaugurate a urology center at the hospital. The plans were made public a little less than a year ago and shareholders greenlit the move last December.

CHG shareholders also previously approved a long-term lease agreement of Queens Hospital, a 50-bed facility in East Cairo which the group is in the final stages of taking over. Queens Hospital is specialized in women’s health and is expected to contribute to the group’s consolidated financials by 2Q2019. Queens’ name was previously not disclosed when Cleopatra first announced the takeover in its 3Q2018 report (pdf). There are “parallel plans to better utilize the facility to offer additional specialities after obtaining the necessary regulatory approvals,” CEO Ahmed Ezzeldin said.

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